Business
Here’s why the BetMakers (ASX:BET) share price is zooming higher today
The BetMakers Technology Group Ltd (ASX: BET) share price has started the year in fine form.
In afternoon trade the betting technology company’s shares are up over 5% to 70.5 cents.
Why is the BetMakers share price zooming higher?
Investors have been buying the company’s shares this morning after it released an update on its capital raising.
According to the release, the company has completed its placement and raised $50 million (before costs) from sophisticated and institutional investors at $0.60 per new share.
The proceeds received from the placement, in conjunction with existing cash, will be used to fund its acquisition of the racing and digital assets of UK-based online sports betting company Sportech PLC.
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